April 08, 2007 (LBO) – Massachusetts-based Virtusa Corp., an information-technology services firm with operations in Sri Lanka, is seeking 92 million dollars through a NASDAQ listing. The underwriters for the offering were listed as JP Morgan, Bear Stearns & Co., Cowen and Co. and William Blair & Co. The company, headed by a Sri Lankan, filed for for the IPO last Friday with the US Securities and Exchange Commission.
The firm hopes to use 30 million dollars of the proceeds to fund the construction of a new facility on its planned campus in Hyderabad, India, over the next three years.
The balance will be used for working capital and other general corporate purposes, including to finance the expansion of its global delivery centres in Colombo and Chennai, India.
The proceeds would also be used to hire more people, sales and marketing activities, capital expenditures, and œpossible strategic alliances or acquisitions.
Virtusa did not say how many shares will be offered in the IPO or at what price.
Virtusa, co-founded by its chairman and Chief Executive Officer Kris Canekeratne, also has offices in the US and the United Kingdom.
The company has appli